Bart Haentjens: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Bart Haentjens
Largest movements
- Tangible fixed assets +€159,418
up €159,418 (+11.0%), from €1.5m to €1.6m
of which Land and buildings: +€84,447
- Cash +€39,457
up €39,457 (+175%), from €22,568 to €62,025
mainly Debts after one year (+€209,021) and Depreciation (+€65,240)
- Receivables within one year -€34,985
down €34,985 (-99.5%), from €35,163 to €178
of which Trade receivables: -€34,650
- Debts after one year +€209,021
up €209,021 (+26.9%), from €776,829 to €985,850
- Other debts -€36,898
down €36,898 (-100%), from €36,898 to €0
- Trade debts +€18,924
up €18,924 (+124%), from €15,323 to €34,248
- Gross operating margin -€24,908
down €24,908 (-22.7%), from €109,501 to €84,592
- Depreciation -€11,909
down €11,909 (-15.4%), from €77,149 to €65,240
- Financial charges +€5,930
up €5,930 (+28.9%), from €20,539 to €26,469
- Taxes -€4,802
down €4,802 (-62.4%), from €7,700 to €2,898
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,512,890 | €1,676,543 | +€163,653 | +10.8% |
| Fixed assets | 21/28 | €1,450,542 | €1,609,959 | +€159,418 | +11.0% |
| Tangible fixed assets | 22/27 | €1,450,542 | €1,609,959 | +€159,418 | +11.0% |
| Land and buildings | 22 | €1,444,891 | €1,529,338 | +€84,447 | +5.8% |
| Plant, machinery and equipment | 23 | €2,615 | €2,884 | +€269 | +10.3% |
| Furniture and vehicles | 24 | €3,035 | €77,737 | +€74,702 | +2,461% |
| Current assets | 29/58 | €62,349 | €66,584 | +€4,236 | +6.8% |
| Amounts receivable within one year | 40/41 | €35,163 | €178 | -€34,985 | -99.5% |
| Trade receivables | 40 | €34,650 | €0 | -€34,650 | -100% |
| Other amounts receivable | 41 | €513 | €178 | -€335 | -65.3% |
| Cash at bank and in hand | 54/58 | €22,568 | €62,025 | +€39,457 | +175% |
| Deferred charges and accrued income | 490/1 | €4,618 | €4,382 | -€236 | -5.1% |
| Total equity and liabilities | 10/49 | €1,512,890 | €1,676,543 | +€163,653 | +10.8% |
| Equity | 10/15 | €602,015 | €587,350 | -€14,665 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €583,415 | €568,750 | -€14,665 | -2.5% |
| Distributable reserves | 133 | €583,415 | €568,750 | -€14,665 | -2.5% |
| Amounts payable | 17/49 | €910,875 | €1,089,194 | +€178,319 | +19.6% |
| Amounts payable after more than one year | 17 | €776,829 | €985,850 | +€209,021 | +26.9% |
| Financial debts | 170/4 | €776,829 | €985,850 | +€209,021 | +26.9% |
| Amounts payable within one year | 42/48 | €133,076 | €102,969 | -€30,108 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €53,749 | €56,069 | +€2,320 | +4.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €15,323 | €34,248 | +€18,924 | +124% |
| Suppliers | 440/4 | €15,323 | €34,248 | +€18,924 | +124% |
| Advances received on contracts in progress | 46 | €6,676 | €8,366 | +€1,690 | +25.3% |
| Taxes, remuneration and social security | 45 | €20,430 | €4,286 | -€16,145 | -79.0% |
| Taxes | 450/3 | €20,430 | €4,286 | -€16,145 | -79.0% |
| Other amounts payable | 47/48 | €36,898 | €0 | -€36,898 | -100% |
| Accrued charges and deferred income | 492/3 | €970 | €375 | -€594 | -61.3% |
| Non-recurring operating income | 76A | €17,466 | €0 | -€17,466 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,149 | €65,240 | -€11,909 | -15.4% |
| Other operating charges | 640/8 | €3,962 | €4,922 | +€959 | +24.2% |
| Gross operating margin | 9900 | €109,501 | €84,592 | -€24,908 | -22.7% |
| Operating profit (loss) | 9901 | €28,389 | €14,431 | -€13,958 | -49.2% |
| Financial income | 75/76B | €594 | €271 | -€323 | -54.3% |
| Recurring financial income | 75 | €594 | €271 | -€323 | -54.3% |
| Financial charges | 65/66B | €20,539 | €26,469 | +€5,930 | +28.9% |
| Recurring financial charges | 65 | €20,539 | €26,469 | +€5,930 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €8,444 | -€11,767 | -€20,211 | |
| Income taxes | 67/77 | €7,700 | €2,898 | -€4,802 | -62.4% |
| Profit (loss) for the period | 9904 | €744 | -€14,665 | -€15,410 | |
| Profit (loss) for the period to be appropriated | 9905 | €744 | -€14,665 | -€15,410 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.